Majority of Singapore residents send remittances at least once a year: report

Digital apps were the preferred method of sending money, exceeding global average.

Nearly nine in ten (86%) of Singaporean residents send or receive money at least once a year, with over half sending S$1,500 or more to another country in 2023, according to a report by Morning Consult for Visa.

The city-state was among the three markets in APAC to send remittances more frequently than their peers, on par with India and behind China.

Two-third (66%) of Singapore respondents had plans to send more money abroad, making the city-state one of the top markets with intentions of sending more money abroad, behind China (91%) and India (74%). 

Remittances from Singapore were mainly sent to Mainland China (18%); Australia (13%); and Canada (11%). Meanwhile, Malaysia (11%) and Japan (9%) were also popular destinations.

Respondents send money abroad for regular remittances (31%), to meet unexpected needs (26%) and for investments (26%). 

More than two-thirds preferred using digital apps for their remittances, with the city-state, India and the Philippines among the markets that exceed the global average (67%) for digital app preference.

"Remittances are particularly prevalent in Singapore, due to our position as a regional hub. Our large foreign workforce and the diverse financial transactions characteristic of our market also support the growth of international money movement from Singapore," Adeline Kim, country manager of Singapore and Brunei, said.

The report surveyed more than 40,000 remittance senders and receivers across North America, Europe, Latin America, the Middle East, and Asia Pacific, including 2,500 Singaporeans.